Asian markets and U.S. futures have tumbled following U.S. President Donald Trump's announcement of big increases in tariffs on imports of goods from around the world

Stock markets across the Asia-Pacific region tumbled on Thursday after US President Donald Trump imposed tariffs on trading partners around the world, with many Asian countries taking the biggest hits.

Punishing tariffs on Vietnam, Cambodia, Thailand and others in the region threaten their position as major manufacturing hubs for the American market.

Donald Trump’s second trade war is a battle of one against all. Reciprocal tariffs announced on Wednesday by the White House hit China with a hike of 34 percentage points, taking the fresh levies on exports from the People’s Republic up 54 percentage points in the 10 weeks since the U.

Asia is bearing the brunt of new US tariffs which will drag on regional growth through weaker business investment and sentiment, requiring central banks to step in with more interest-rate cuts, economists reckon.